We used it for a long time for our food budget, to make sure that we didn’t overspend. Once a month, we deposited our food money into the Capital One 360 checking account and then both my husband and I used our debit cards at the grocery store. You can learn more about our virtual cash envelopes HERE.

Other benefits of the Capital One 360 Checking Account:

It’s totally free to maintain

You don’t need to have a minimum balance

There is FREE overdraft protection

Plus, when you sign up before July 3rd, you get $100 in FREE money. That is a no brainer, as far as I’m concerned!

In the opening process, it says:
“As part of the account opening process, we’ll obtain information about you from a consumer reporting agency. Based on that information, you may or may not be approved for 360 Checking.”

Nissim – I’m not 100% certain of this, but here’s my best guess: If you set up the accounts and then link them to the same external account (to fund your checking account), then I don’t think you will.

As part of the “legal stuff” on the application page, they WILL pull a credit report because this account comes with automatic overdraft protection. Wonder if there’s a way to opt out of the (unwanted) overdraft protection?